China's top think tank said on Tuesday that donations hit 70 billion yuan last year, more than double the previous year. The report released by the Chinese Academy of Social Sciences suggests that many rich Chinese have been rethinking how to share the wealth of their fortune for the good of others.

The year 2010 has seen a quantum leap in the number of big donations. Donations of more than 100 million yuan were made 60 times last year.

The figure is partly due to an outpouring of generosity after a series of natural disasters.

Cao Dewang, President of Fuyao Group, was also named China's biggest donor for 2010.

He donated more than 1 billion yuan last year alone.

Cao Dewang, President of Fuyao Group, China's No.1 Philanthropist said "You asked why I want to donate to charity. Because I lived a very hard life in my early days. I know what it's like. I want to assist with change."

In 2007, Cao vowed to establish a personal charity fund and donate 75 percent of his fortune.

But the topic was later dropped because of a legislative void.

Cao Dewang said "Charity cannot exist isolated. Like any other industry, it needs to be reformed and altered to match our changing society."

According to the report, more than 400-thousand non-governmental organizations were registered in 2010, with more than 31 million volunteers.

And among all enterprises that donated more than 10 million yuan last year, over half were private enterprises, while one-third were state-owned. Foreign enterprises in China accounted for less than 10 percent.

Charity made many headlines in 2010.

Last September, Bill Gates and Warren Buffet traveled to China to secure more donation pledges.

In the same month, Jet Li, the kung-fu star, reached out for public help, saying his charity fund might have to cease operation.

This once again put charity back in the spotlight.